Ryan: New GOP Budget Resembles Last Year's Plan

House Budget Committee Chairman Paul Ryan says that the balanced-budget blueprint he's releasing next week will look a lot like the plan Republicans passed last year.

The Wisconsin Republican said the measure with project a balanced federal budget by the end of a decade and that it'll only take "modest changes" to last year's GOP plan to reach that balance, in part because tax hikes enacted in January make the job easier.

The plan by the GOP vice presidential nominee is expected to propose cuts to agency budgets, food stamps and Medicaid and contain a controversial proposal to turn Medicare into a voucher-like program for seniors younger than 55. Ryan said it'll take relatively small additional spending cuts beyond those proposed last year to demonstrate balance.